Buying Or Selling A Property In The UAE? Don't Forget These Factors

 

When it comes time to buy or sell a property in the UAE, there are a few key things you need to consider. Here are four factors you should keep in mind when making a property transaction in the UAE so that you never have to appoint rental disputes lawyers.

 

Property purchase and sale in the UAE

The UAE's purchase and sale of property is governed by the UAE Civil Code and Federal Law No. 5 of 1985 on the Regulation of Real Estate Transactions (the "Real Estate Transactions Law"). The Civil Code sets out the basic rules concerning the purchase and sale of property, while the Real Estate Transactions Law provides more specific rules concerning real estate transactions.

Under the Civil Code, the purchase and sale of property is a consensual transaction, and the parties must be in agreement on all the material terms of the transaction. The Civil Code also outlines the conditions that must be met in order for a sale to be considered valid, including an offer, an acceptance of that offer, and payment of the purchase price.

The Real Estate Transactions Law sets out a number of specific rules in relation to the purchase and sale of property in the UAE. For example, the Real Estate Transactions Law requires that all real estate transactions be registered with the UAE Ministry of Justice. In addition, the Real Estate Transactions Law prohibits foreigners from owning land in the UAE, with a few exceptions.

 

Factors to consider when buying or selling property in UAE

When buying or selling property in the UAE, there are several important factors to consider. The first is the location of the property. Is it in a desirable area? Is it close to amenities and transport links? The second is the price. Is the property priced fairly? The third is the condition of the property. Is it in good condition? And finally, the legalities. Is the property registered and does the title deed belong to the correct person? It's crucial to seek legal counsel when buying or selling property in the UAE to make sure that everything goes smoothly and that the right steps are taken. The lawyers at Hikmat Fayad can help with all aspects of property transactions in the UAE, from negotiating and drafting contracts to resolving any disputes that may arise.

 

Tips for property buyers and sellers in UAE

Understanding the legal procedure from lawyers in Dubai and necessary paperwork is crucial when buying or selling a property in the UAE. The following tips will help you understand the process and make it as smooth as possible.

For buyers:

-Check the developer's credentials and licensing before buying a property from them.

-Be aware of the purchase contract and what is included in it. Make sure you understand all the terms and conditions, and are comfortable with them.

-Ensure you have obtained a mortgage pre-approval letter before making an offer on a property.

-Make sure you have read and understood the title deed and that no outstanding mortgages or debts are registered against the property.

-Pay attention to the zoning regulations in the area you are buying, and make sure the property is by them.

For sellers:

-Make sure you know your legal rights and responsibilities before putting your property on the market.

-Take the time to understand the purchase contract and ensure you are comfortable with all the terms and conditions.

-Check the developer's credentials and licensing before selling to them.

-Be aware of any mortgages or debts registered against the property.

-Ensure the property complies with zoning regulations.

 

Hire a legal support professional for the legal matters which concerns you and your interest. We’re here to help you with our legal team in Dubai & Beirut.